UPS released its second quarter financial report for 2024, with profits falling sharply by 30%

It is learned that on July 22, according to foreign media reports, UPS announced its second quarter financial report for 2024. Data showed that UPS's revenue in the quarter was US$21.8 billion, and its comprehensive operating profit was US$1.9 billion, a year-on-year decrease of 30.1%.

The following is a summary of UPS's second quarter financial results:

Revenue was $21.8 billion, down 1.1% year-over-year

The consolidated operating profit was US$1.9 billion, a year-on-year decrease of 30.1%, and the operating profit margin was 8.9%

U.S. business revenue was $14.119 billion, down 1.9% year-on-year

Operating profit of the U.S. business was $989 million, with an operating margin of 7.0%

International business revenue was US$4.37 billion, down 1.0% year-on-year

International business operating profit was $718 million, with an operating profit margin of 16.4%

Supply Chain Solutions segment revenue was $332.9 million , up 2.6% year-over-year

Supply Chain's operating profit was $237 million, with an operating margin of 7.1%

UPS CEO Carol Tomé said that this quarter was an important turning point for UPS, with positive changes in freight volume in the United States for the first time in nine quarters. Outside the United States, demand in every export region has improved, driving growth in many more profitable routes. Revenue from the supply chain solutions division increased 2.6% year-on-year this quarter, mainly due to the growth of logistics businesses such as healthcare .

In response to the second quarter's performance, UPS lowered its 2024 performance expectations, expecting full-year revenue of approximately US$93 billion, a comprehensive operating profit margin of approximately 9.4%, and capital expenditure of approximately US$4 billion in 2024.

Author ✎ Rayna/

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